How to prepare the Annual MiFID Compliance Report in 2024

Regulated entities authorized to provide investment services are responsible for the adherence to a number of obligations against their regulator, who in Cyprus’ case is the Cyprus Securities and Exchange Commission (CySEC). One of the most important regulatory obligations of Cyprus Investment Firms (CIF) is the preparation, approval and timely submission of the Annual Compliance Report. This requirement derives from the responsibility that all investment firms have within European Union, to abide by the Markets in Financial Instruments Directive (MiFID) regulatory framework.

The person entrusted with the preparation of the Annual Compliance Report is each Company’s Compliance Officer, who shall present the Report to the Board of Directors (BoD). After the BoD meeting minutes are constructed, these shall be submitted to the regulator along with the signed by the Compliance Officer Report, the latest by the 30th of April of each year.

The present article serves as a guide in the construction of a comprehensive Compliance Report which entails assessing the Company’s processes and procedures and whether these are compliant to the existing legislative commands.

Within this commentary, the SALVUS Regulatory Compliance Team analyses the following aspects of the Annual Compliance Report:

1. Executive Summary
2. Business Divisions
3. Findings & Recommendations

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Find the full article here: https://salvusfunds.com/2024/03/22/how-to-prepare-the-annual-mifid-compliance-report-in-2024/